What is the worst thing that can happen in your life? There are many possibilities, but they all have one thing in common: you need insurance. When we think of insurance needs, we often focus on our homes and cars. However, there are many other types of insurance that you should consider as well, including life insurance. This blog post will discuss a few different crucial life events where it’s important to be protected by the right type of insurance coverage!
Life insurance needs for a new baby
You might be thinking that life insurance is the last thing on your mind when you welcome a new baby into your family. But think again! What if something happened to either parent? Would you have enough money to care for an infant or toddler and provide them with all of their basic needs, including schooling? The right type of life insurance policy ensures that your family wouldn’t have to worry about any of these things in the event of a tragedy.
The type of life insurance policy you need for your children can depend on many circumstances, including:
- Whether you have other children who would need to be cared for in the event of a tragedy
- The age and health condition of your baby
- How much money needs to go into a trust fund
- What kind of lifestyle you want to provide for your child after their parents are no longer able to do so.
Each family will have different needs, and the right policy is one that meets those specific requirements. Speak with your insurance agent or contact an independent broker for help finding a life insurance plan that meets your needs and budget
If you’re not sure where to start, check out this article on how much life insurance you need after having a newborn.
Life insurance needs following a divorce
Before going through with any divorce process, be it contested or uncontested, speak to your life insurance agent and request a quote for sufficient coverage. It is important to be prepared for the financial ramifications of a divorce with a life insurance policy.
Divorce can lead to some very complicated, costly, and emotional issues that need to be dealt with in order to protect yourself financially as well as your children’s future. It’s never too late or early enough before you start thinking about making sure you have sufficient life insurance coverage.
The other reason some people might want to consider acquiring a life insurance policy is that you may need it if your spouse dies and the house or land will go to them because of the title deed, but there would be no way for you to afford living on this property without selling it due to lack of income.
You can purchase a life insurance policy with a spouse in mind. Your partner will not have to pass any physical or health exams, and you may be able to receive some income tax benefits by naming your surviving spouse as the beneficiary of your death benefit. It’s worth discussing with an insurance expert like Dundas Life in this case.
Life insurance needs for your retirement
Life insurance is often the last thing on people’s minds when they retire, but not having enough life coverage could leave your loved ones with major financial burdens. With retirement becoming more common in Canada and around the world, many people are retiring earlier than their parents did. It’s important to plan ahead for what you’ll need in retirement so you don’t run out of money.
Some people may be able to rely on their pension or social security for some income, but most retirees will need other sources of cash as well. One potential source is a monthly annuity payment from an insurance company that you can buy during your working years and retire with the benefits it provides. Other options for generating retirement income include a reverse mortgage, government benefits, and private or business pensions.
Life insurance needs for retirement are a crucial consideration to make before retiring because it’s important not only to prepare enough money that you’ll have in the long-term but also to ensure proper coverage if something happens prematurely. Different types of no medical insurance coverage are popular for seniors planning for retirement as they guarantee approval. Make sure you’re able to protect your family from financial difficulties during this time and be prepared with life insurance.
It’s important to explore your life insurance coverage needs with a financial advisor and make sure you have the right type of policy for each phase in your life. You may need different policies, depending on whether or not you are married, how many dependents you have, what state/country you live in as well as other factors like occupation and hobbies. Different crucial events in your life can also change your life insurance needs. If this is something that has never been discussed before with an advisor who specializes in these types of products- it might be time to contact a financial advisor, like Dundas Life! Our advisors will help walk through all of your options so that we can find the best fit for the stage of life that suits you.